Ontario putting together $60M aid package for Algoma Steel
The Ontario government is lending Algoma Steel $60 million to help the company remain competitive in the face of U.S. tariffs on steel and aluminum.
That’s on top of some $90 million in federal money for the Sault Ste. Marie firm.
“The investment announced today secures thousands of jobs and pensions and signals northern Ontario is open for business,” provincial Minister of Energy, Northern Development and The aid package is designed to help the steel firm weather U.S. tariffs.
Mines Greg Rickford said Thursday.
Kalyan Ghosh, Algoma Steel’s chief executive officer, said the loans are part of the purchase and restructuring of the company, which is investing $600 million in the steelmaking facility.
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